Asia/Pacific News
Hin Leong's Shareholders to Address Findings of Interim Judicial Managers' Report
The shareholders of troubled Singapore trading company Hin Leong will address the findings of a report compiled by its court-appointed interim judicial managers PricewaterhouseCoopers (PwC), according to price reporting agency S&P Global Platts.
The shareholders released a statement expressing disappointment that PwC had not given them an opportunity to respond to the contents of the report before its publication, Platts reported Friday.
Hin Leong founder OK Lim has been certified by his doctors as unfit to work, Platts cited the statement as saying.
The report, published earlier this week, said the restructuring or rehabilitiation of Hin Leong will only be viable if it is grouped together with other affiliated companies including Ocean Tankers and Universal Terminal.
PwC has valued Hin Leong's assets that it has identified so far at $257 million, compared with its liabilities of about $3.5 billion.
Hin Leong is the owner of one of Singapore's largest marine fuel suppliers, Ocean Bunkering.
